This morning's employment report from the Department of Labor delivered a disappointing non-farm payrolls gain of 80,000 jobs added in June, as investors hoped for a 90,000 gain in jobs. The unemployment rate is unchanged from last month at 8.2%. Professional and business services added jobs, and employment in other major industries changed little over the month.
In June, the number of long-term unemployed (those jobless for 27 weeks and over) was essentially unchanged at 5.4 million. These individuals accounted for 41.9 percent of the unemployed.
Juli says: The weak jobs growth number doesn't bode well for positive outside market influences for the commodity markets this morning.